How to Pay for Unplanned Expenses

You never know when life might throw a wrench in your plans.

So, you need to plan now to pay for rainy day expenses.

Here are three options.

Option 1: Find a way to earn more money.

Pro: Temporarily boost income to pay off the expense and pad emergency fund

Con: Less time to spend with loved ones or look for permanent work

Option 2:Tap into emergency savings.

Pro: Access to cash

Con: Loss of safety net

Option 3: Contact creditors before your payment due date to request a deferment, which extends your payment deadline.

Pro: More time to earn money and make minimum payments

Con: May not earn enough in time to cover unexpected costs

Once you’ve paid off your unplanned bills, replenish your emergency fund so you’ll be prepared for future curveballs.

To learn more about managing your money, visit Regions.com.

This information is general in nature and is provided for educational purposes only. Regions makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented. Information provided should not be relied on or interpreted as accounting, �nancial planning, investment, legal, or tax advice. Regions encourages you to consult a professional for advice applicable to your speci�c situation.